A Credit to an Asset Account Was Posted to an Expense

question 61

Multiple Choice

A credit to an asset account was posted to an expense account. This would cause:

• A) assets to be understated.
• B) liabilities to be understated.
• C) capital to be understated.
• D) expenses to be understated.

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Definitions:

Antiaromatic

Compounds that have a cyclic, conjugated electron configuration but do not follow Huckel's rule, leading to instability.

Aromatic

Relating to or denoting organic compounds that have a planar ring structure with delocalized pi electrons, leading to enhanced stability.

Huckle's Rule

A rule stating that aromatic compounds must have a planar ring of \(\pi\) bonds with a total of (4n + 2) \(\pi\) electrons.

Nonaromatic

Referring to organic compounds that do not meet the criteria for aromaticity, typically lacking a fully conjugated, cyclic electron system.